Intrinsic value of Timken - TKR

Previous Close

$42.80

  Intrinsic Value

$2.97

stock screener

  Rating & Target

str. sell

-93%

  Value-price divergence*

-126%

Previous close

$42.80

 
Intrinsic value

$2.97

 
Up/down potential

-93%

 
Rating

str. sell

 
Value-price divergence*

-126%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of TKR stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 3.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -7.03
  2.90
  3.11
  3.30
  3.47
  3.62
  3.76
  3.88
  4.00
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.68
  4.72
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
Revenue, $m
  2,670
  2,747
  2,833
  2,926
  3,028
  3,138
  3,255
  3,382
  3,517
  3,661
  3,814
  3,977
  4,150
  4,333
  4,526
  4,731
  4,947
  5,175
  5,416
  5,669
  5,937
  6,218
  6,515
  6,827
  7,156
  7,502
  7,866
  8,248
  8,650
  9,073
  9,518
Variable operating expenses, $m
 
  2,892
  2,981
  3,078
  3,184
  3,298
  3,420
  3,552
  3,692
  3,842
  4,001
  4,135
  4,314
  4,504
  4,705
  4,918
  5,143
  5,380
  5,630
  5,894
  6,172
  6,465
  6,773
  7,098
  7,439
  7,799
  8,177
  8,575
  8,993
  9,433
  9,895
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  2,415
  2,892
  2,981
  3,078
  3,184
  3,298
  3,420
  3,552
  3,692
  3,842
  4,001
  4,135
  4,314
  4,504
  4,705
  4,918
  5,143
  5,380
  5,630
  5,894
  6,172
  6,465
  6,773
  7,098
  7,439
  7,799
  8,177
  8,575
  8,993
  9,433
  9,895
Operating income, $m
  255
  -145
  -148
  -152
  -156
  -160
  -165
  -170
  -175
  -181
  -187
  -157
  -164
  -172
  -179
  -187
  -196
  -205
  -214
  -224
  -235
  -246
  -258
  -270
  -283
  -297
  -311
  -327
  -342
  -359
  -377
EBITDA, $m
  387
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -19
Interest expense (income), $m
  0
  22
  24
  25
  27
  29
  31
  33
  36
  38
  41
  44
  47
  51
  54
  58
  62
  66
  70
  75
  80
  85
  90
  96
  102
  108
  115
  122
  129
  137
  145
Earnings before tax, $m
  222
  -167
  -172
  -177
  -183
  -189
  -196
  -203
  -211
  -219
  -228
  -202
  -212
  -222
  -233
  -245
  -257
  -271
  -285
  -299
  -315
  -331
  -348
  -366
  -385
  -405
  -426
  -448
  -471
  -496
  -522
Tax expense, $m
  69
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  153
  -167
  -172
  -177
  -183
  -189
  -196
  -203
  -211
  -219
  -228
  -202
  -212
  -222
  -233
  -245
  -257
  -271
  -285
  -299
  -315
  -331
  -348
  -366
  -385
  -405
  -426
  -448
  -471
  -496
  -522

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  149
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,758
  2,686
  2,769
  2,861
  2,960
  3,067
  3,182
  3,306
  3,438
  3,579
  3,729
  3,888
  4,057
  4,235
  4,424
  4,624
  4,836
  5,059
  5,294
  5,542
  5,803
  6,079
  6,369
  6,674
  6,995
  7,333
  7,689
  8,063
  8,456
  8,869
  9,304
Adjusted assets (=assets-cash), $m
  2,609
  2,686
  2,769
  2,861
  2,960
  3,067
  3,182
  3,306
  3,438
  3,579
  3,729
  3,888
  4,057
  4,235
  4,424
  4,624
  4,836
  5,059
  5,294
  5,542
  5,803
  6,079
  6,369
  6,674
  6,995
  7,333
  7,689
  8,063
  8,456
  8,869
  9,304
Revenue / Adjusted assets
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
Average production assets, $m
  1,062
  1,093
  1,127
  1,165
  1,205
  1,249
  1,296
  1,346
  1,400
  1,457
  1,518
  1,583
  1,652
  1,724
  1,801
  1,883
  1,969
  2,060
  2,155
  2,256
  2,363
  2,475
  2,593
  2,717
  2,848
  2,986
  3,130
  3,283
  3,443
  3,611
  3,788
Working capital, $m
  751
  643
  663
  685
  709
  734
  762
  791
  823
  857
  893
  931
  971
  1,014
  1,059
  1,107
  1,158
  1,211
  1,267
  1,327
  1,389
  1,455
  1,525
  1,598
  1,674
  1,755
  1,841
  1,930
  2,024
  2,123
  2,227
Total debt, $m
  659
  677
  724
  775
  831
  890
  955
  1,024
  1,098
  1,177
  1,260
  1,349
  1,444
  1,544
  1,649
  1,761
  1,879
  2,004
  2,135
  2,274
  2,420
  2,574
  2,736
  2,907
  3,086
  3,275
  3,474
  3,683
  3,903
  4,134
  4,377
Total liabilities, $m
  1,483
  1,501
  1,548
  1,599
  1,655
  1,714
  1,779
  1,848
  1,922
  2,001
  2,084
  2,173
  2,268
  2,368
  2,473
  2,585
  2,703
  2,828
  2,959
  3,098
  3,244
  3,398
  3,560
  3,731
  3,910
  4,099
  4,298
  4,507
  4,727
  4,958
  5,201
Total equity, $m
  1,275
  1,184
  1,221
  1,261
  1,305
  1,353
  1,403
  1,458
  1,516
  1,578
  1,644
  1,715
  1,789
  1,868
  1,951
  2,039
  2,133
  2,231
  2,335
  2,444
  2,559
  2,681
  2,809
  2,943
  3,085
  3,234
  3,391
  3,556
  3,729
  3,911
  4,103
Total liabilities and equity, $m
  2,758
  2,685
  2,769
  2,860
  2,960
  3,067
  3,182
  3,306
  3,438
  3,579
  3,728
  3,888
  4,057
  4,236
  4,424
  4,624
  4,836
  5,059
  5,294
  5,542
  5,803
  6,079
  6,369
  6,674
  6,995
  7,333
  7,689
  8,063
  8,456
  8,869
  9,304
Debt-to-equity ratio
  0.517
  0.570
  0.590
  0.610
  0.640
  0.660
  0.680
  0.700
  0.720
  0.750
  0.770
  0.790
  0.810
  0.830
  0.850
  0.860
  0.880
  0.900
  0.910
  0.930
  0.950
  0.960
  0.970
  0.990
  1.000
  1.010
  1.020
  1.040
  1.050
  1.060
  1.070
Adjusted equity ratio
  0.432
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  153
  -167
  -172
  -177
  -183
  -189
  -196
  -203
  -211
  -219
  -228
  -202
  -212
  -222
  -233
  -245
  -257
  -271
  -285
  -299
  -315
  -331
  -348
  -366
  -385
  -405
  -426
  -448
  -471
  -496
  -522
Depreciation, amort., depletion, $m
  132
  139
  142
  146
  149
  154
  158
  163
  168
  173
  179
  149
  156
  163
  170
  178
  186
  194
  203
  213
  223
  233
  245
  256
  269
  282
  295
  310
  325
  341
  357
Funds from operations, $m
  463
  -28
  -29
  -31
  -33
  -35
  -38
  -40
  -43
  -46
  -49
  -52
  -56
  -59
  -63
  -67
  -72
  -76
  -81
  -86
  -92
  -97
  -103
  -110
  -116
  -123
  -131
  -138
  -147
  -155
  -164
Change in working capital, $m
  61
  18
  20
  22
  24
  26
  28
  30
  32
  34
  36
  38
  40
  43
  45
  48
  51
  53
  56
  59
  63
  66
  69
  73
  77
  81
  85
  90
  94
  99
  104
Cash from operations, $m
  402
  -46
  -49
  -53
  -57
  -61
  -65
  -70
  -75
  -80
  -85
  -90
  -96
  -102
  -109
  -115
  -122
  -130
  -138
  -146
  -154
  -163
  -173
  -183
  -193
  -204
  -216
  -228
  -241
  -254
  -268
Maintenance CAPEX, $m
  0
  -100
  -103
  -106
  -110
  -114
  -118
  -122
  -127
  -132
  -137
  -143
  -149
  -156
  -163
  -170
  -178
  -186
  -194
  -203
  -213
  -223
  -233
  -245
  -256
  -269
  -282
  -295
  -310
  -325
  -341
New CAPEX, $m
  -210
  -31
  -34
  -37
  -40
  -44
  -47
  -50
  -54
  -57
  -61
  -65
  -69
  -73
  -77
  -81
  -86
  -91
  -96
  -101
  -106
  -112
  -118
  -124
  -131
  -138
  -145
  -152
  -160
  -168
  -177
Cash from investing activities, $m
  -211
  -131
  -137
  -143
  -150
  -158
  -165
  -172
  -181
  -189
  -198
  -208
  -218
  -229
  -240
  -251
  -264
  -277
  -290
  -304
  -319
  -335
  -351
  -369
  -387
  -407
  -427
  -447
  -470
  -493
  -518
Free cash flow, $m
  191
  -178
  -187
  -197
  -207
  -218
  -230
  -242
  -255
  -269
  -283
  -298
  -314
  -331
  -348
  -367
  -386
  -406
  -428
  -450
  -474
  -498
  -524
  -552
  -580
  -611
  -642
  -676
  -711
  -747
  -786
Issuance/(repayment) of debt, $m
  2
  42
  47
  51
  55
  60
  64
  69
  74
  79
  84
  89
  94
  100
  106
  112
  118
  125
  131
  139
  146
  154
  162
  171
  180
  189
  199
  209
  220
  231
  243
Issuance/(repurchase) of shares, $m
  -97
  201
  208
  217
  227
  236
  247
  258
  269
  281
  294
  272
  286
  301
  317
  333
  351
  369
  388
  409
  430
  452
  476
  501
  527
  554
  583
  613
  645
  678
  713
Cash from financing (excl. dividends), $m  
  -87
  243
  255
  268
  282
  296
  311
  327
  343
  360
  378
  361
  380
  401
  423
  445
  469
  494
  519
  548
  576
  606
  638
  672
  707
  743
  782
  822
  865
  909
  956
Total cash flow (excl. dividends), $m
  101
  66
  69
  72
  75
  78
  81
  84
  88
  91
  95
  62
  66
  70
  74
  78
  83
  87
  92
  97
  102
  108
  114
  120
  126
  132
  139
  147
  154
  162
  170
Retained Cash Flow (-), $m
  50
  -201
  -208
  -217
  -227
  -236
  -247
  -258
  -269
  -281
  -294
  -272
  -286
  -301
  -317
  -333
  -351
  -369
  -388
  -409
  -430
  -452
  -476
  -501
  -527
  -554
  -583
  -613
  -645
  -678
  -713
Prev. year cash balance distribution, $m
 
  125
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -10
  -140
  -146
  -152
  -159
  -166
  -173
  -182
  -190
  -200
  -209
  -220
  -231
  -243
  -255
  -268
  -282
  -296
  -311
  -327
  -344
  -362
  -381
  -401
  -422
  -444
  -467
  -491
  -516
  -543
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  -10
  -128
  -127
  -125
  -123
  -120
  -117
  -113
  -109
  -105
  -99
  -94
  -88
  -81
  -75
  -68
  -61
  -55
  -48
  -42
  -36
  -30
  -25
  -20
  -16
  -13
  -10
  -8
  -6
  -4
Current shareholders' claim on cash, %
  100
  93.7
  87.7
  82.1
  76.7
  71.7
  67.0
  62.6
  58.4
  54.5
  50.8
  47.8
  44.9
  42.2
  39.6
  37.1
  34.8
  32.6
  30.6
  28.6
  26.8
  25.1
  23.5
  22.0
  20.6
  19.2
  18.0
  16.8
  15.7
  14.7
  13.7

The Timken Company engineers, manufactures, and markets bearings, transmissions, gearboxes, belts, chains, couplings, and related products worldwide. It operates through two segments, Mobile Industries and Process Industries. The Mobile Industries segment offers a portfolio of bearings, seals, lubrication devices, and systems, as well as power transmission components, engineered chains, augers, belts, and related products and maintenance services to original equipment manufacturers (OEMs) and end users of off-highway equipment, such as agricultural, construction, mining, outdoor power equipment, and powersports markets; and on-highway vehicles, including passenger cars, light trucks, and medium- and heavy-duty trucks, as well as rail cars and locomotives. It also provides power transmission systems and flight-critical components for civil and military aircraft, which comprise bearings, helicopter transmission systems, rotor-head assemblies, turbine engine components, gears, and housings. This segment sells it parts through a network of authorized automotive and heavy-truck distributors to individual end users, equipment owners, operators, and maintenance shops. The Process Industries segment supplies industrial bearings and assemblies; power transmission components, including gears and gearboxes; and couplings, seals, lubricants, chains, belts, and related products and services to OEMs and end-users in various industries. It also supports aftermarket sales and service needs through its network of authorized industrial distributors; and offers repair and service for bearings and gearboxes, as well as electric motor rewind, repair, and services to end users. The Timken Company was founded in 1899 and is headquartered in North Canton, Ohio.

FINANCIAL RATIOS  of  Timken (TKR)

Valuation Ratios
P/E Ratio 21.7
Price to Sales 1.2
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 8.2
Price to Free Cash Flow 17.3
Growth Rates
Sales Growth Rate -7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 98.1%
Cap. Spend. - 3 Yr. Gr. Rate -8.4%
Financial Strength
Quick Ratio 6
Current Ratio 0.2
LT Debt to Equity 49.8%
Total Debt to Equity 51.7%
Interest Coverage 0
Management Effectiveness
Return On Assets 5.5%
Ret/ On Assets - 3 Yr. Avg. 2.5%
Return On Total Capital 7.8%
Ret/ On T. Cap. - 3 Yr. Avg. 3.6%
Return On Equity 11.8%
Return On Equity - 3 Yr. Avg. 5%
Asset Turnover 1
Profitability Ratios
Gross Margin 26.4%
Gross Margin - 3 Yr. Avg. 27.9%
EBITDA Margin 13.3%
EBITDA Margin - 3 Yr. Avg. 7.4%
Operating Margin 9.6%
Oper. Margin - 3 Yr. Avg. 3.7%
Pre-Tax Margin 8.3%
Pre-Tax Margin - 3 Yr. Avg. 2.8%
Net Profit Margin 5.7%
Net Profit Margin - 3 Yr. Avg. 2.9%
Effective Tax Rate 31.1%
Eff/ Tax Rate - 3 Yr. Avg. 40.8%
Payout Ratio 53.6%

TKR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TKR stock intrinsic value calculation we used $2670 million for the last fiscal year's total revenue generated by Timken. The default revenue input number comes from 2016 income statement of Timken. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our TKR stock valuation model: a) initial revenue growth rate of 2.9% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for TKR is calculated based on our internal credit rating of Timken, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Timken.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of TKR stock the variable cost ratio is equal to 105.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for TKR stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Timken.

Corporate tax rate of 27% is the nominal tax rate for Timken. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the TKR stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for TKR are equal to 39.8%.

Life of production assets of 10.6 years is the average useful life of capital assets used in Timken operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for TKR is equal to 23.4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1275 million for Timken - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 77.143 million for Timken is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Timken at the current share price and the inputted number of shares is $3.3 billion.

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COMPANY NEWS

▶ Trump shuts down council after slew of CEOs quit   [Aug-16-17 02:01PM  Yahoo Finance]
▶ Timken Declares Quarterly Dividend Of 27 Cents Per Share   [Aug-08-17 10:15AM  PR Newswire]
▶ Timken beats Street 2Q forecasts   [Jul-26-17 09:35PM  Associated Press]
▶ ETFs with exposure to The Timken Co. : July 25, 2017   [Jul-25-17 01:37PM  Capital Cube]
▶ ETFs with exposure to The Timken Co. : July 13, 2017   [Jul-13-17 04:43PM  Capital Cube]
▶ The Timken Co. Value Analysis (NYSE:TKR) : June 22, 2017   [Jun-22-17 05:11PM  Capital Cube]
▶ First Eagle Investment Slashes 5 Stakes in 1st Quarter   [May-05-17 06:34PM  GuruFocus.com]
▶ ETFs with exposure to The Timken Co. : May 2, 2017   [May-02-17 04:44PM  Capital Cube]
▶ Timken beats 1Q profit forecasts   [Apr-26-17 07:44AM  Associated Press]
▶ The Timken Co. Value Analysis (NYSE:TKR) : April 24, 2017   [Apr-24-17 03:54PM  Capital Cube]
▶ ETFs with exposure to The Timken Co. : April 7, 2017   [Apr-07-17 05:36PM  Capital Cube]
▶ Is Kite Pharma Inc (KITE) a Good Stock to Buy?   [Dec-13-16 07:10AM  at Insider Monkey]
▶ Hedge Funds Are Buying The Timken Company (TKR)   [02:23AM  at Insider Monkey]
▶ [$$] Z Capital Adds to Operating, Private-Equity and Credit Teams   [Nov-16-16 12:53PM  at The Wall Street Journal]
▶ Timken Declares Quarterly Dividend of 26 Cents Per Share   [Nov-11-16 10:50AM  PR Newswire]
▶ Timken Reports Third-Quarter 2016 Results   [06:51AM  PR Newswire]
▶ SEC cracks down on made-up numbers in company earnings   [Aug-18-16 04:04PM  at MarketWatch]
Stock chart of TKR Financial statements of TKR
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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